Meyer Apparel Ltd Management Discussions

Annexure - IX: to the 32nd Directors Report dated 17th May, 2025

Your Directors have pleasure in submitting the Management Discussion and Analysis Report for the year ended March 31, 2025 as under

Industry Structure & Development

Your Company, Meyer Apparel Limited is dealing in the Retailing of Mens Garments and manufacturing through Contractor. Despite the ongoing challenges faced by the apparel industry, Company is making every possible effort to sustain and grow its business operations. The company is actively exploring new avenues and strategies to adapt to the evolving market conditions. As part of this effort, the company is gradually expanding its presence in the online retail space, recognizing the growing importance of digital platforms in reaching customers and driving sales.

Segment-wise Performance

Your company operates in single segment of readymade garments for retail market. The industry as a whole has been facing intense competition, with numerous domestic and international brands entering the market and offering a wide range of products at competitive prices. As a result, your Company has experienced lower sales volumes and reduced margins over the past few years. Furthermore, the highly saturated market environment and pressure on pricing have made it challenging to scale operations.

The Company has generated revenue from retailing of garments and is exploring other avenues to seek revenue.

Outlook, Risk & Concern

The Company continues to operate in a highly competitive and dynamic industry environment, where market saturation and pricing pressures present ongoing challenges. With demand patterns remaining uncertain and subject to seasonal fluctuations, the Company is closely monitoring the viability of its current operational model.

Looking ahead, reviving consistent demand in the domestic market will be essential for the Companys sustained growth. In response to these challenges, the Company is actively exploring new business avenues, including expanding its retail presence, to diversify revenue sources and ensure long-term stability.

Internal Control

The Company has an adequate system of internal controls in place to ensure that all transactions are properly authorized, recorded, and reported. These internal control systems are designed to support operational efficiency, ensure compliance with applicable laws and regulations, and safeguard the Companys assets. During the financial year 2024-25, the Company undertook various cost-optimization measures aimed at improving operational efficiency and reducing costs, thereby enhancing its competitiveness in the market.

Additionally, self-assessment of internal processes and controls is carried out regularly and serves as the basis for the certification by the Whole-Time Director (WTD) and Chief Financial Officer (CFO), as required under Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance with respect to operational performance

The gross turnover of the Company has decreased by 71.94% in comparison with the last year and Company is exploring new avenues to generate revenue and sincerely making all efforts for the same.

CFO and WTD Certification in pursuance of the SEBI (LODR) Regulations, 2015 on Corporate Governance

We have reviewed financial statements and the cash flow statement for the year ended March 31,2025 and that to the best of our knowledge and belief:

a. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

b. These statements together present a true and fair view of the companys affairs and are in compliance with existing accounting standards, applicable laws and regulations.

To the best of our knowledge and belief, no transactions entered into by the company during the years which are fraudulent, illegal or volatile of the companys Code of Conduct.

We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting and that there are no deficiencies in the design or operation of such internal controls.

There is no:

a. significant changes in internal control over financial reporting during the year;

b. significant changes in accounting policies during the year; and

c. Instances of significant fraud.